#BizDevTip

Thinking of starting a podcast?

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Over the past week I’ve had three different people inform me that they were starting podcasts and ask me if I would be willing to be interviewed. Honoured as I am by such requests, I did also wonder why such interest in me and podcasts more broadly?

In mulling this over I recalled a recent podcast (5 June 2019, Podcast #227) between Sam Glover and Bob Ambrogi on ‘The State of Legal Blogging & Podcasting‘ on the Lawyerist podcast.  Listening to this again today it struck me how many great tips these two give out (for free) to anyone looking to start a podcast; some of which are (fast forward to 29 minutes into Sam’s talk to really get the best out of these):

  • are podcast a fad or here to stay?
  • has the revenue model for podcasts been worked out?
  • have we really thought through the market penetration issue (more people don’t listen to podcasts than do)?
  • is there too much content already out there? if there is, what are you doing to be a little bit different?
  • how often should you be producing material – daily, weekly, monthly?
  • should you be framing your podcast with music at the start and end?
  • what equipment should you be using?

Taking all that on board and still want to produce a podcast? Then these are three things that Sam and Bob say in their podcast that should also be considered:

  1. it’s more work than you think it is going to be
  2. it’s really tough to build a subscriber base
  3. the right people over lots of people (love this saying)

On that last point, independent of Sam and Bob’s chat, I also heard this week that the average podcast lasts 7 issues.

To help you overcome this, Bob makes a brilliant suggestion in the podcast – if you are attending a conference take your recording equipment with you. And someone who does that really, really well is Ari Kaplan.

I hope you enjoy all the links. Listen to them – they are great (and free!); and, as always, love to hear your thoughts/views/feedback.

Does your firm include client feedback sessions as part of its client agreement?

80% of firms believe they provide a great client experience. Only 8% of clients believe the experience is great.

In last week’s PSM podcast David Lecours (from whom the title this post is taken) and Josh Miles have a great chat about the issue of ‘Client Feedback’.
It’s a brilliant 28 minute chat – with loads of insight and tips and my 5 big take-outs were (in no particular order):
  1. does your firm include client feedback interviews/sessions as part of its engagement letters? – if not, how serious is your firm about this?
  2. clients who rate you between 2 and 3 (out of 5) are the ones you need to speak to the most because they’re the ones who will give you the most honest feedback.
  3. never forget to ask the interviewee: what service do you wish we could offer you that we’re not currently offering you?’, and
  4. what didn’t I ask you today that you’ve been dying for me to ask you?
So that’s 4, where’s number 5?
This comment by Josh Miles:
“even if a client is not having the best experience, just the fact that they have been asked at this point sometimes the flattery or the thought of that makes them develop a little more affinity towards the firm just by virtue of having been identified as someone that their feedback matters.”
Go over and spend 28 minutes of your life listening to a great chat on the most important part of our business – our clients!
As always though, interested in your thoughts/views/feedback.

Because it’s 1 July…

…my health insurance premium has significantly increased,
…my home contents insurance premium has significantly increased,
… my car insurance premium has significantly increased,
…the daily daycare cost (of both) my children has significantly increased,
…my coffee shop has increased the rate of a large, and
… my lawyer has increased his rate.

Such is life in Australia.

Fine by me, but in every single one of the increase fee notifications above (all by letter and none via an actual conversation with me) the underlying reason for the increase was cited as being an increase in ‘costs’.

My two take-outs: (1) if we all stopped increasing our rates in July maybe increased costs would be less of an issue, and, importantly, (2) if you can hold a conversation around “value delivered” rather then cost, you’ll be streets ahead of the competition.

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‘Coopetition’

“Coopetition” = Cooperating while competing.

I heard a new word today, ‘Coopetition‘.

In an article in Philippine publication Business Mirror, Stephanie Tomampos credits Philippine Science Secretary Fortunato T de la Pena with using the term during his keynote address at the opening ceremony of the 17th Conference of the Science Council of Asia at the Philippine International Convention Centre on June 14th.

Although not directed at lawyers, but at scientists who cooperate while competing for research funding, I thought the word summed up well the role of the modern law firm; where firms are increasing being asked to cooperate with each other in order to contribute towards inclusive overall development of the client’s business.

Whereas in the past this sort of cooperation may have been limited to unbundling, LPO or labour arbitrage, today cooperation between the various legal service providers of a client extends way, way beyond this.

We see it in the way firms are now required to cooperate with each with the IT platform(s)/environment the client uses. We see it in the way we pitch innovation to clients, where if we work with multiple firms servicing the client we cooperate with each other on innovative ways of doing the job. We see it in the way we are being asked to work with project teams, often with New Law providers such as Lawyers on Demand and Crowd & Co.

Driven largely by a need for cost efficiencies, what we are increasingly seeing is a demand by clients for a cohesive, inclusive, approach to their client experience (CX) from all of their legal service providers.

This means that while we very much remain competitors, in the new world order we need to cooperate with each other in order to be in a position to compete at all!

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#BizDevTip: Develop Value Groups

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Over toast and coffee this morning I read a cracking post on the LexisNexis Business of Law Blog by Carla Del Bove titled “Understanding the Science Behind How Clients Think“. The post provides some good tips for law firm business developers and marketers, but includes an absolute gem of a tip: “Develop Value Groups” (number 2 in the list), which Carla Del Bove describes as being:

“A value group is simply a group of influential business professionals (e.g. CFOs of major corporations or office managers of the top five consulting firms across the country, etc.) who meet either quarterly, or three times a year and share a common interest.

The first step involves figuring out who the firm’s target group is and then finding a common theme that draws them in and keeps them engaged. Some examples of this include: inviting members of the group to a prestigious event or using a prominent key note speaker for meetings. Most important, they say, is there needs to be a clear purpose for getting together and participants need to get some value out of the meeting. Lastly, they agree, value groups are less about quantity as they are about quality.”

Really useful tip by Carla that I thought I would pass on to you. Make sure you read the rest of Carla’s post and if you would like to get updates on other business development and marketing related material I read each week, feel free to sign up to my free weekly Mail Chimp update (or email me if you want to be added to the subscriber list).

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#BizDevTip: Always be thinking of ways you can improve how you communicate with your client

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Research shows us that (aside from technical expertise) timely, responsive communications are high up on the list of things clients are looking for from their lawyers. This begs the question: how well do you communicate  with your clients, and what could you be doing to improve the experience?

For example:

  • when a client calls do you answer straight away? If not, do you call them as soon as you can after you are free?
  • when you get an email from your client, how long does it take you to respond? Do you ever respond to tell them you have received the email and are looking into the issue?
  • do you send tip-bits of information you read to clients if you think it might interest them (Saw This And Thought Of You)?
  • do you call your clients on a Friday afternoon to ask them how their week was and what they’ll be doing for the weekend?
  • do you ever tell your clients how they can contact you during holiday season?
  • does your client know your mobile phone number?
  • do you schedule regular meetings with your clients to talk through their work-flow issues and how you might be able to improve your timely and responsive communications with them?

Always remember, you have two ears and one mouth: by listening to your clients you are far more likely to hear their needs and concerns than if you do all the talking.

#BizDevTip: Segment your contacts list to gain greater business development traction

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Two things are pretty certain when dealing with Australian lawyers: First, they only have a ‘master’ CV (rarely tailored for the occasion); and second, they usually only have one contact database.

If this sounds familiar don’t fret, the answer is as simple as undertaking a health check of your current contact database and classifying each of your contacts according to their:

  • industry sector
  • geographic location
  • seniority
  • the strength of the relationship they have with you
  • any known specific and niche area needs they may have, and
  • their preferred method of communication.

You should start this process off by asking yourself:

“What does my contact need to know and how would they prefer I tell them?”

Get an honest answer to that question and you will find that you are much more likely to get engagement and a dialogue going with your contact(s) that should develop into better business leads.

On the other hand, you can keep your contacts bundled up in one database and see how many of them unsubscribe to updates in the near future.